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Storage Wars: Self Storage Start-Up Neighbor Raises $53 Million

After posting five times year-over-year revenue growth, Neighbor is raising over $50 million from investors. This is the self storage marketplace start-up’s Series B round of financing. Proptech venture capital fund Fifth Wall is leading the deal. Andreessen Horowitz, who led the Series A early last year, is participating again, while DoorDash (NYSE: DASH) CEO Tony Xu and StockX CEO Scott Cutler will be newcomers to the cap table. WHAT IS NEIGHBOR UP TO? Put simply, Neighbor is Airbnb (NASDAQ: ABNB) for underutilized or vacant space in a building. For…

Bellomy & Co. Closes Sale of 189-Unit Self Storage Facility in Iowa

Bellomy & Co. negotiated the sale of Hawkeye Storage in Red Oak, Iowa. The Class-B property is made up of 189 units in 29,120 NRSF. Bill Bellomy and Michael Johnson of Bellomy & Co. represented THR Storage, LLC, the seller. The team also procured the buyer, Dougherty Storage LLC. Bellomy & Co. is an Austin- and Houston, Texas-based commercial real estate firm with a team exclusively focused on the self storage industry. Source

How Data Platforms Are the Future of Investment Sales

These days, the story of industry disruption through innovative technology is a daily occurrence. Interestingly, each new innovation triggers a series of disruptions by applying that technology to other industries. For example, Uber was a major disruptor in transportation services and today there are countless “Uber of …” across myriad industries. Within the storage industry, we have observed this through the emergence of companies like Clutter and Neighbor. As real estate specific technologies (aka Prop Tech) continue to emerge, self storage owners and investors should be prepared to experience a…

William Bohn, NSA’s Newly Appointed Vice President of Acquisitions, Plans To Leverage Data to Build a Stronger Acquisitions Model

Tamara Fischer, President and Chief Executive Officer of the Company, commented, “We’re excited to announce Will’s appointment to Vice President of Acquisitions. Will has been a key contributor to NSA since joining the firm in 2015, serving most recently as the leader of our Data Science team. His in-depth knowledge of NSA combined with his prior experience in acquisitions will enhance the execution of the robust deal flow that we are seeing in the market.” NSA prides itself on being different from the traditional REIT. Storage industry Acquisitions Teams don’t…

The Impact of Inflation on Self Storage Investing

Ben VestalArgus Self Storage Advisors As the U.S. economy continues to recover, many investors are turning their attention to the potential risk of inflation and how it will impact commercial real estate investments. The self storage business model of short term, month-to-month leases and a fixed base expense model is setting self storage owners up to outperform other commercial real estate sectors.  We have learned that the ability to raise or reduce rents quickly allows self storage owners to outperform the market. Regular rent increases on the existing tenant base…

Featured Broker: Brett Hatcher

Brett Hatcher has been with Marcus & Millichap since 2006 and is currently a senior managing director investments. In his time with Marcus & Millichap, Brett has successfully brokered over 627 transactions, totaling over $3.9 billion in real estate. An expert from the ground up to lease up, Brett is up to date in all aspects of self storage investments, including management, operations, market conditions, capital market and economic trends impacting the self storage industry. Brett’s knowledge of the self storage market is unparalleled in the industry and has consistently…

The Perfect Storm for Self Storage: Current Trends Create an Ideal Scenario for Self Storage Sellers

Mike MeleVice ChairmanCushman & Wakefield Last October, Blackstone Group Inc put a $1.2 billion price tag on their self storage market confidence. Their purchase of Simply Self Storage set off the alarms of investors worldwide and threw significant weight behind what insiders already knew: self storage has legs. Together, with Elliott Management and numerous other industry players, investor interest is at an all-time high. In addition to engagement from powerhouse investors, self storage properties are seeing a boost in valuations thanks to increased rates and occupancies. According to data from…

Featured Broker: Mike Mele

Mike Mele, Vice Chairman, leads Cushman & Wakefield’s national Self-Storage Advisory Group, which represents clients ranging from private investors to large-scale REITs in the development, expansion, consolidation, acquisition and disposition of self storage assets. Mr. Mele began his career in self storage investment sales in 1999. He went on to build an industry-leading team, which he brought to Cushman & Wakefield in 2019. Based in Tampa, the 18-member, multi-market team has closed more than 600 self storage transactions totaling more than $6 billion. In 2020 alone, the team closed 41…

Case Study: A Modern Storage Operation

When EXP Realty took over a pen and paper storage operation, they knew there was a better, more modern approach to running a storage facility. They turned to Storable’s platform of powerful technology and found success. The Challenge: Eliminating Busywork and Missed Opportunities After purchasing a couple of storage facilities that were managed using pen and paper, Frazier Robison of EXP Realty became quickly overwhelmed by the volume of tedious tasks necessary to manage day-to-day operations. He and his business partner knew there had to be a better way to…

Featured Broker: Edan Cohen

Edan Cohen is a co-founder at Sector Property Group. In partnership with Linda Cinelli and LC Realty and as an affiliate broker of Argus Self Storage Advisors, Mr. Cohen is responsible for originating and executing the sale of self storage facilities throughout the Northern New Jersey, New York City and Long Island territories. Representing both private and institutional owners and investors in the acquisition and disposition of multifamily, development, office, retail and industrial properties in both on and off-market transactions, Mr. Cohen has successfully closed over $400 million in aggregate…